The Small Business Administration (SBA) has begun issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with loans over $2 million. SBA will use the questionnaire as they review PPP borrower’s good-faith certifications. There are two versions of the questionnaire, one for-profit borrowers, and one for non-profit borrowers.
After a borrower’s lender has submitted its forgiveness decision to the SBA, the SBA will then send a notification letter to the lender requesting the borrower complete the questionnaire and provide any additional documentation. The lender must notify the borrower of the SBA’s review and its request to complete the questionnaire. The borrower then has 10 days to complete and submit—with the required support—to the lender.
The questions are primarily essentially Yes or No responses with a Yes response generally requiring a response to follow-up questions. There are two sections: Business Activity Assessment and Liquidity Assessment. At the end of the sections, there is space for a borrower to provide any other information that the borrower desires.
The loan necessity questionnaires can be found here:
If you have questions or need assistance with the PPP loan forgiveness application and/or questionnaire please use the button below to contact us.
